South African fintech Tyme Group has joined the prestigious ranks of Africa’s unicorns after securing $250 million in a Series D funding round. This milestone pushes Tyme’s valuation to $1.5 billion, cementing its position as a rising star in the global fintech landscape. The funding round was spearheaded by Nu Holdings, the parent company of Latin America’s largest digital bank, Nubank, which contributed $150 million for a 10% stake in Tyme. Additional investments came from M&G Catalyst Fund, which injected $50 million, while existing shareholders provided the remaining $50 million. This latest round brings Tyme’s total capital raised to nearly $600 million.
Nu Holdings’ investment reflects its strategic move to expand beyond Latin America and tap into emerging markets with significant growth potential. Furthermore, with over 110 million customers across Brazil, Mexico, and Colombia, Nubank has revolutionized financial services in its home region. Its foray into Africa and Southeast Asia through Tyme Group represents an opportunity to replicate its success in underserved markets. David Vélez, founder and CEO of Nubank, expressed enthusiasm about the partnership: “We believe the future of financial services lies with digitally native companies. Tyme Group is exceptionally well-positioned to lead in Africa and Southeast Asia. We’re excited to share our learnings and help scale their model to millions of customers.”
Founded in 2019 and headquartered in Singapore, Tyme Group operates a hybrid digital banking model that combines online banking with physical service touchpoints. Its South African arm, TymeBank, has been instrumental in the company’s growth, amassing over 10 million customers. Additionally, its Philippine subsidiary, GoTyme, launched in 2022 through a joint venture with the Gokongwei Group, has already attracted 5 million users. With a total of 15 million customers across its two markets, Tyme is poised for further growth. The fintech plans to expand into Vietnam and Indonesia next year, with Indonesia being a particularly strategic market. Tyme has already begun offering merchant cash advances in the country and is investing tens of millions of dollars to secure an Indonesian banking license.
According to Tyme co-founder and CEO Coenraad Jonker, the company’s roadmap focuses on strengthening its foothold in the Philippines and Indonesia while preparing for an IPO in New York by 2028, with a secondary listing in South Africa. “Our priority is to become the top retail bank in the Philippines, replicate that success in Indonesia, and maintain a return on equity above 30% in South Africa. These steps are critical for preparing the business for listing,” said Jonker.
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Tyme’s new unicorn status, shared with Nigeria’s Moniepoint, highlights the resurgence of investor interest in African fintechs after a slowdown caused by rising global interest rates. The milestone also underscores the growing demand for innovative banking solutions in regions with large unbanked populations and increasing smartphone penetration. Patrice Motsepe’s African Rainbow Capital (ARC) remains Tyme’s largest shareholder, retaining a 40% stake. Jonker emphasized the significance of TymeBank as South Africa’s only black-owned and controlled commercial bank, a distinction that remains intact despite the global expansion.
For Nubank, the investment in Tyme is part of a broader strategy to diversify geographically and explore the untapped potential of emerging markets outside Latin America. The digital banking giant has faced increasing competition in its core markets from players like Neon and C6 Bank. By backing Tyme, Nubank positions itself to benefit significantly from Africa and Southeast Asia’s rapid adoption of digital financial services. As Jonker explained, Tyme’s model aligns perfectly with Nubank’s vision: “Nubank’s investment is a testament to our execution and expansion plans. Their backing will enhance our ability to scale, innovate, and improve the financial lives of millions across our regions.”
Finally, Tyme’s latest fundraising round marks a pivotal moment as the fintech positions itself for an IPO by 2028. Its success in raising over $400 million in customer deposits and providing $600 million in financing to small businesses demonstrates its robust business model and growth trajectory. With its valuation soaring and its footprint expanding, Tyme Group is not just rewriting the rules of digital banking in emerging markets—it’s setting the stage for a transformative future in global financial services.
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